Anybody can create a memecoin via Solana without a lot of hassle involved. Nonetheless, the process needs a good idea.
Memecoins are an integral part of the general crypto ecosystem. Some of the memecoins, including Pepe (PEPE), Shiba Inu (SHIB), and Dogwifhat (WIF), maintain their spot in the top 50 cryptos by market cap among Bitcoin (BTC), Cardano (ADA), and other memecoin projects like Dogecoin (DOGE), which mostly dominate the news headlines.
With this buzz surrounding memecoins, most people may wonder how to create them on blockchain networks like Solana. The Solana token development covers the creation of a memecoin, the fundamentals of the memecoin, and the marketing aspect of the token to make it popular in the market and increase its demand.
What Is A Memecoin?
A memecoin is a crypto with minimal intended value. Instead of offering financial utility, such as the Ethereum network’s capacity to hold and host decentralized applications, a memecoin exists to capture a moment in popular culture. For instance, Shiba Inu’s developer built it just because the Shiba Inu dog breed is a popular meme.
Interestingly, memecoins that become popular may ultimately gain utility in the decentralized finance (DeFi) sector. Most of the online stores now accept Dogecoin – one of the top memecoins – in exchange for their goods and services. One payment processing service, Coinbase Commerce, started accepting DOGE in 2021.
While everyone invests for various reasons, users normally invest in memecoins since they start at a low value or since the investor finds the meme funny. Nonetheless, investors have often fallen victim to memecoin pump-and-dump schemes, losing thousands of dollars whenever it happens. It is crucial to note that investors should only invest what they can afford to lose.
Memecoins may be built on existing networks like BNB Chain, Ethereum, and Solana. However, some of the projects like Dogecoin have their in-house blockchain networks.
Can You Create A Memecoin Without Development Knowledge?
Users can create a memecoin without knowing how to code or even develop software. Services such as the Orion Tools decentralized applications (dApps) support the creation of coding-free tokens. In the case of Solana, users need to abide by the Solana token standards.
Prerequisites Before Developing A Memecoin On Solana
Setting up a successful memecoin on the Solana blockchain needs some preparations and forethought.
Choosing A Meme
When deciding what meme to pick to develop a memecoin, it is best to do some extensive research. Is the meme popular enough to warrant a token? Does it have a dedicated subreddit or other online community? Is it referenced by large YouTube videos or used by the public? If so, it is possibly a great option for developing a memecoin.
Utility Plans
Is there a bigger plan set in place? In case a user intends for their memecoin to have any utility beyond a simple investment, it is best to develop a white paper or website that details its tokenomics and plans. The validity will help in growing a dedicated community since they will have a plan to rally around.
Time Commitment
Crypto development can be a long process. Developing the token is only the start. Users need to market it, monitor a growing community, and ultimately create utility. These procedures need dedication and, in some instances, a deep understanding of the Solana blockchain development ecosystem.
Guide To Create A Memecoin On Solana
There are different token creation applications and extensions for developing a memecoin on Solana. Most let users avoid smart contract development and build a memecoin without development knowledge. Users must be wary, as a few scam token creation services exist. This guide covers the Orion Tools Solana token creation platform.
For starters, users need to acquire a Solana wallet. One of the most popular Solana wallets is Phantom Wallet. Upon opening or acquiring a wallet, go to the Orion Tools dApps and navigate to their token developer. This token developer offers some Solana tokenization details to fill out, including the token’s name, its symbol, and its total supply.
After inputting the name, users should input the token symbol and their desired decimal count. Token developers that want a bigger token supply need to have lots of decimals.
When listed on a crypto exchange, the symbol offers a memecoin with a ticker for easy identification. Otherwise, Orion strongly recommends having nine decimal points for a meme token.
The next step is to input the desired supply and token image. The token supply dictates how much of a token exists.
Then, the user is required to create a token description – several short sentences that describe the token’s use case.
Once the Solana token standards are set in place, the token developer needs to click “Create Token.” A wallet transaction confirmation that details the transactions and their transaction fee will appear, which has to be paid in Solana’s token. Users need to have the needed amount in their wallet to initiate a valid transaction.
Now that the token is developed, in case a user wants to develop a liquidity pool, they need to use the “Create a Liquidity Pool” tool that is located below the “Create Token” tool they already finished with. They can just choose the developed token and click “Revoke Freeze Authority.”
This is set to cost an additional transaction fee, but it lets the developer retain control over their asset. Nonetheless, liquidity pools are essential for long-term projects, since they enable traders to acquire the token.
It is also best to click “Revoke Mint Authority” to guarantee the security of the Solana token minting process, preventing others from minting the token, which charges another transaction fee. Eventually, after the transactions get cleared, the created token will appear in the connected wallet.
Now that the token is developed, the creator can design and build a liquidity pool or market for their asset utilizing Invariant or Raydium or share their token exclusively with friends. Developing a liquidity pool lets anybody trade the token and is a popular option for most involved in memecoin creation.
